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TBLD - Thornburg Municipal Bond Funds Q1 2025 Commentary
Thornburg Income Builder Opportunities Trust
2025-06-04 09:00:00 ET
Summary
The first quarter of 2025 was characterized by significant volatility and complexity across global financial markets that was not driven by a singular trend but was a tug-of-war between multiple forces.
The Thornburg Municipal portfolios posted mixed total returns during the quarter as muni yields unexpectedly rose, especially for bonds with longer maturities in March.
Despite the sell-off in yields, it was not accompanied by spread widening as investors continued to reach for yield across the credit spectrum.